Sales down in early spring market while prices rally

The big story of 2017 was threefold: the median sales price reached an all-time high; closed sales reached a 12-year high; and inventory levels reached a 15-year low. Sales nearly broke their all-time record, but fell just short of their all-time 2004 high. In February 2018, new listings posted a year-over-year decline for a fourth consecutive month. Mostly due to the supply shortage, closed sales were lower compared to the year prior for a third consecutive month. For-sale housing supply (inventory) was 23.0 percent lower than February 2017. This shortage has created a competitive environment where multiple offers have become commonplace. Sellers are receiving strong offers close to their original list price in record time, which can sometimes frustrate home buyers. New construction closed sales rose 15.7 percent compared to last February. Although single-family homes made up about 73.0 percent of all sales, condos and townhomes showed the strongest increase in closed sales. Similarly, previously-owned homes made up about 88.7 percent of sales but new construction showed a much stronger increase in pending and closed purchase activity.

February 2018 by the Numbers

Sellers listed 5,072 properties on the market, an 8.0 percent decrease from February 2017

Buyers closed on 2,635 homes, a 6.0 percent decrease from 2017

Inventory levels for February fell 23.0 percent compared to 2017 to 7,537 units, near a 15-year low

Months Supply of Inventory was down 21.1 percent to 1.5 months, also near a 15-year low

The Median Sales Price rose 12.7 percent to $250,000, a record high for February

Cumulative Days on Market declined 15.9 percent to 69 days, on average (median of 38)—a 12-year low